Singapore’s High Court has ruled in favour of J P Morgan Chase Bank after it was sued for refusing to pay a coal trader under two letters of credit (L/Cs) because its sanctions screening revealed that doing so would have… Read More ›
Sanctions
Companies in several jurisdictions sanctioned by US for facilitating business with Iran
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination… Read More ›
Banks caused to violate sanctions to launder millions of dollars for Russian oligarchs and proscribed entities
US banks were caused to process tens of millions of dollars in schemes to evade sanctions and export controls applicable to Russia according to an indictment charging five Russian nationals and two oil traders with global sanctions evasion and money… Read More ›
Back-to-back and standby L/Cs used in sanctions evasion and money laundering says MENA financial crime guide
Back-to-back letters of credit (L/Cs) can be used as a sanctions evasion technique according to multiple sources who contributed to a new guide published by the Middle East and North Africa (MENA) chapter of the Global Coalition to Fight Financial… Read More ›
MENA trade-based financial crime reference guide launched
With a long tradition of trade, the Middle East and North Africa (MENA) region shares trade-based financial crime (TBFC) typologies with other global trading hubs, according to a new guide published by the MENA chapter of the Global Coalition to… Read More ›
Financial crime compliance costs in US and Canada up 13.6 per cent in 2022 says Lexis Nexis
The total projected cost of financial crime compliance in the US and Canada for 2022 is up 13.6 per cent from 2021 to US$56.7 billion, according to a survey of North American financial institutions by Lexis Nexis Risk Solutions. The… Read More ›
Russia and Iran sign agreement to facilitate bilateral trade with L/C alternative
Russia’s Agency for Export Credit and Investment Insurance (EXIAR) has signed an agreement with the Export Guarantee Fund of Iran (EGFI) to provide export insurance for sellers in both countries. Export insurance provides an alternative to letters of credit (L/Cs)… Read More ›
Gazprombank and Russian diamonds in line for EU sanctions
Gazprombank could be a prime target in a new batch of European Union (EU) sanctions on Russia expected in response to Moscow’s mobilisation decree to conscript 300,000 reservists into the Russian army and referendums in areas the union sees as… Read More ›